findings by embedding signaling within a model of multi-product price competition. …

explanation for this puzzle, using a two-stage-signaling model. Signaling can occur over time both in high school and college. We … show that main signaling stage may be high school or college, and that students work harder in the main signaling stage. We … also find that the main signaling is more likely to occur in high school if human networking is important for job …

A large portion of the rise in the education premium can be explained by a signaling theory of education which predicts …

bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon … liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time … of the liquidity black hole …

payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is …

preferences of future trading counter-parties causes randomness in future resale prices that we call liquidity risk. It is natural … to suppose that investors are asymmetrically informed about liquidity risk. Through a process of liquidity discovery …, trading volumes and prices reveal private information about future counter-party preferences. The liquidity discovery process …

-trade durations at times of relatively uninformative market orders, which is consistent with liquidity traders concentrating their …